We currently have a bearish daily RSI divergence. Furthermore, we have still not tested the major resistance breakout from earlier this month, leading me to believe we are due for a correction as big as a ~$1300 drop before hopefully continuing higher.
The current trade will be triggered if the micro-range is reentered, specifically at the bottom on the range breaking candle at 5280.
Stop is placed at equilibrium of the consolidation following the breakout.
The first target will be the bottom of the current mini-range at 4800 with the plan to close 33% of the position as well as moving the stop to break-even.
Second target is the top of the sign of strength from the macro-range, closing another 33%.
Third target will be the top of the automatic rally of the macro-range, finally closing the remaining 34% of the position.
Better resolution charts will follow below for more details.
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Entry:
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Stop:
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Longer-term projection:
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Tether news reminds me of the good old days mid-2017